“It is too early to say which of our people will be going across to Aberdeen,” he said.

Giubin said the decision had nothing to do with plugging holes in Credit Suisse’s balance sheet – the assets were exchanged for stock, not cash – but rather it was part of a consolidation that was taking place across the industry.

“To grow this business, we needed to get together with a strategic partner,” he said. “It was inevitable.”